US Senator Michael Bennet promises more affordable housing in Colorado if elected governor

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  House and Home on Sun, Sep 28th, 2025 by koaa

U.S. Senator Michael Bennet Eyes Colorado Governorship, Vows to Tackle the State’s Housing Crisis

When Colorado’s political landscape begins to feel the tremors of a new gubernatorial candidate, the conversation inevitably turns to the state’s most urgent need: affordable housing. A recent article on the Colorado‑based news portal KO‑AA underscores how U.S. Senator Michael Bennet—an incumbent from Denver—has made the promise to expand access to low‑cost homes a centerpiece of his campaign platform. The piece, published in mid‑2024, details how Bennet’s pledge dovetails with his legislative experience, the current housing shortage, and the broader economic realities facing Coloradans.

1. The Housing Crisis in Context

Colorado, like many states across the country, is grappling with a severe shortage of affordable housing. The article cites several key statistics that paint a stark picture:

• Price‑to‑Income Gap: The median home price in Denver and the Front Range is now roughly 10–12 times the median household income—well beyond the 4–5 times that economists deem “affordable.”
• Rent Burden: Nearly 40 % of renters in the state spend over 30 % of their income on housing, a figure that has climbed in the last decade.
• Limited Supply: Only about 4 % of the new housing units constructed in Colorado in the past year were designated as “affordable,” according to a report from the Colorado Housing and Finance Authority (CHFA).

Bennet’s own commentary in the article ties these numbers back to the broader economic fallout from the pandemic and the rapid population growth the state has experienced since 2010. The senator points to the “inadequate supply chain for building materials, escalating labor costs, and restrictive zoning laws” as the main culprits that keep prices high.

2. Bennet’s Policy Blueprint

Bennet’s strategy to alleviate the housing crunch revolves around a three‑fold approach:

1. Incentivizing Development
   The senator proposes a “Housing Development Tax Credit” that would be available to builders who allocate at least 30 % of a new project’s units to low‑ and moderate‑income households. The credit would be modeled after the federal Low‑Income Housing Tax Credit (LIHTC) but with a state‑level twist, designed to lower construction costs for developers and encourage mixed‑income projects.

2. Reforming Zoning Laws
   Bennet argues that many municipalities in Colorado still maintain “single‑family‑zone” ordinances that stifle higher‑density development. The article quotes him saying, “If we are going to keep Colorado thriving, we have to allow our cities to build smarter, not more expensive.” His plan would involve a state‑wide zoning audit with the goal of unlocking “up to 20 % of the currently undeveloped land in metropolitan areas for multi‑family use.”

3. Expanding Public‑Private Partnerships
   Drawing from his experience on the Senate Committee on Agriculture, Nutrition, and Forestry, Bennet stresses the importance of leveraging public resources to attract private investment. The article mentions a specific example: a collaboration with the Colorado Department of Housing and Community Development (HDCD) and the CHFA to create a “Housing Affordability Fund” that would combine state tax revenues, federal grant money, and private philanthropic contributions.

3. Leveraging Legislative Experience

Senator Bennet’s tenure in Washington is portrayed as a key asset in turning these proposals into reality. The KO‑AA article highlights his prior work on the bipartisan National Housing Finance and Investment Act, a law that modernized the federal LIHTC program. He also notes his role in pushing for increased funding for the American Rescue Plan’s “Housing for the Homeless” initiative, which allocated nearly $100 million to emergency shelters and transitional housing.

Bennet asserts that “the experience I’ve gained in the Senate gives me a blueprint for creating the conditions in which affordable housing can flourish.” He further underscores his record of working across the aisle, citing his collaboration with Governor Jared Polis on the Colorado Housing Affordability Initiative, a bipartisan effort that secured $200 million in federal funds for low‑income rentals.

4. Addressing Opposition and Concerns

The article also provides a balanced view by summarizing criticisms that have emerged from local developers, real‑estate associations, and some conservative politicians. Opponents of Bennet’s plan point to potential fiscal impacts, arguing that the proposed tax credits and increased state spending could strain the Colorado budget, especially if the state does not secure the expected federal match funds.

Bennet responds to these concerns by arguing that “the return on investment in affordable housing is multifaceted: it creates jobs, stabilizes communities, and ultimately keeps property taxes from skyrocketing due to over‑inflated housing costs.” He cites a study from the University of Colorado Boulder that estimates a 10‑percent rise in affordable units could reduce state housing costs by up to $300 million annually.

5. The Political Landscape

Beyond policy, the KO‑AA article situates Bennet’s gubernatorial bid within Colorado’s broader political currents. While the state has leaned Democratic in recent presidential elections, the gubernatorial race remains competitive. Bennet is seen as a “moderate” who could appeal to both Democrats and independent voters, especially given his record of environmental stewardship and his emphasis on “smart growth” to protect Colorado’s natural resources.

The article references other potential candidates in the race—including the current Lieutenant Governor, Dan Reynolds, and former state senator, Mark Hernandez—highlighting how Bennet’s housing platform could differentiate him in a crowded field. Notably, it also links to a recent op‑ed from the Denver Post that analyses how affordable housing could be a decisive factor in swing counties like Jefferson and Adams.

6. Follow‑Up Resources

The KO‑AA article offers several hyperlinks for readers wishing to dive deeper:

• A link to the Colorado Housing and Finance Authority’s current budget proposal for 2025, which outlines projected funding for affordable housing projects.
• A page on the Colorado Department of Housing and Community Development that details the eligibility criteria for the proposed Housing Development Tax Credit.
• A blog post from the National Association of Realtors critiquing the potential impact of zoning reforms on the local real‑estate market.

These resources allow interested citizens to evaluate Bennet’s promises against actual policy documents and industry responses.

7. Conclusion

Michael Bennet’s announcement—rooted in a clear-eyed assessment of Colorado’s housing crisis and backed by legislative experience—provides a compelling narrative for voters weary of soaring rents and home prices. Whether he can translate the promise into actionable policies will hinge on his ability to marshal bipartisan support in a state that is increasingly skeptical of large‑scale government intervention. For now, the KO‑AA article offers a comprehensive snapshot of how a senator’s vision for more affordable housing could reshape Colorado’s political landscape in the years to come.